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King Island Scheelite focused on financing and construction at flagship Dolphin tungsten project

King Island Scheelite focused on financing and construction at flagship Dolphin tungsten project
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Australia makes huge move against China as it offers $10million for a key industry


Australia has made a huge move against China with a multi-million dollar investment in a key industry the communist government has dominated for decades. 
The Tasmanian Government will put $10million towards helping to revive a King Island mine to produce tungsten, a mineral seen as critical to national security.  
China currently controls about 83 per cent of the world s tungsten production - a near monopoly on global supply. 
The Trump administration in 2018 declared tungsten one of 35 minerals essential to the United States economic and national security, though the country does not have a mine producing tungsten.
Australia meanwhile currently only has a small working deposit, located in Tasmania, leaving the two countries vulnerable to controls on exports.  ....

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Aussie move to hit China where it hurts


The Dolphin Project on King Island has been closed for almost 30 years. Picture: King Island Scheelite
 
But tungsten has been experiencing a global resurgence, with the mineral now essential in the manufacturing of weapons, electric vehicles and fighter jets.
The Dolphin Mining Project is located near the town of Grassy on the southeast coast of picturesque King Island, and produces scheelite, a form of tungsten.
China has long held a monopoly on global tungsten production, controlling around 83 per cent of the world s supply.
However the reopening of the King Island mine could leave other nations, that are similarly facing trade tensions with China, with a different option. ....

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Australia funds tungsten mine to break China's grip


Australia funds tungsten mine to break China’s grip
Feb 3, 2021 – 12.00am
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Australia has taken another step in breaking China’s near monopoly on the critical minerals required to build weapons, electric vehicles and fighter jets, with $10 million in government funding to reopen a tungsten mine on King Island.
The Tasmanian government will provide the 10-year loan to ASX-listed King Island Scheelite and talks are under way to secure an additional $15 million in federal government support.
Tungsten is “strategically significant”, says King Island Scheelite executive chairman Johann Jacobs. 
Rhett Wyman
China controls 83 per cent of the world’s tungsten production, leaving the United States and its allies, like Australia, vulnerable to export controls. ....

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